Norway’s sovereign wealth fund and a group of investors with more than $10tn under management led a series of corporate climate change pledges expected this week, in events alongside the meeting of world leaders at the UN General Assembly in New York.
The world’s largest sovereign wealth fund said it would require the companies it invests in to reach net zero emissions by 2050 and to publish those goals by 2040 at the latest. At present, only one in 10 of roughly 9,000 companies it has invested in have a net zero target, it said.
The $1.2tn fund, which is based on assets from Norway’s oil and gas revenues, has already sold out of coal producers and consumers, as well as some oil explorers. The updated pledge coincided with New York climate week.